Wednesday March 17, 2010

NEW YORK (AP) -- The NBA Board of Governors has unanimously
approved Michael Jordan's bid to buy a controlling interest in the
Charlotte Bobcats.

NBA commissioner David Stern said in a statement Wednesday that
he was pleased the $275 million purchase was "closed in such a
smooth and expeditious fashion."

Jordan is the sole investor in the ownership group, but he's
expected to try to find local partners. The deal includes taking on
more than $150 million in debt, covering future losses and putting
forward capital to make improvements.

The franchise is expected to lose about $30 million this season.

Jordan has said he would not comment until he is approved as an
owner. He had been part-owner of the Bobcats with final say in all
basketball decisions since 2006.

(Copyright 2010 by The Associated Press. All Rights Reserved.)